90.2K

Verified Solution

Link Copied!

1. Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances) to prepare closing journal entries and then post those entries to ledger accounts. M. Muncel. Capital M. Muncel, Withdrawals May 31 22,000 Services Revenue Depreciation Expense May 31 15,000 May 31 May 31 No. 301 40,000 No. 302 No. 401 76,000 No. 603 Hint: There are 4 steps in the closeout process. Account Title Cash Land Accounts payable Interest payable Accounts receivable Office supplies Trucks Accumulated depreciation - Trucks Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Salaries Expense May 31 Wilson Trucking Company Salaries expense Office supplies expense Repairs expense - Trucks Total Insurance Expense May 31 Rent Expense May 31 Trucking fees earned Depreciation expense - Trucks Trial Balance 2. Use the following adjusted year-end trial balance at December 31 of Wilson Trucking Company to prepare the (1) income statement and (2) statement of owner's equity, for the year ended December 31. The K. Wilson, Capital, account balance was $155,000 at December 31 of the prior year. December 31 Income Summary 20,000 $ Debit 12,000 22,500 3,500 190,000 4,400 50,000 8,400 12,000 Credit $ 40,000 19,000 6,000 45,000 155,000 68,000 No. 622 10,000 20,000 5,000 8,000 $333,000 $333,000 No. 637 No. 640 No. 901

1. Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances) to prepare closing journal entries and then post those entries to ledger accounts. Hint: There are 4 steps in the closeout process. 2. Use the following adjusted year-end trial balance at December 31 of Wilson Trucking Company to prepare the (1) income statement and (2) statement of owner's equity, for the year ended December 31. The K. Wilson, Capital, account balance was $155,000 at December 31 of the prior year. 1. Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances) to prepare closing journal entries and then post those entries to ledger accounts. Hint: There are 4 steps in the closeout process. 2. Use the following adjusted year-end trial balance at December 31 of Wilson Trucking Company to prepare the (1) income statement and (2) statement of owner's equity, for the year ended December 31. The K. Wilson, Capital, account balance was $155,000 at December 31 of the prior year

Answer & Explanation Solved by verified expert

See Answer